Cross post of the videos from an INET conference session on Large Financial Institutions that Paul Volcker described as a “Revival Meeting”… All good but Sheng for a clear-eyed Chinese take, Admati, Johnson and maybe the Panel Session.
Erik Berglof, Chief Economist and Special Adviser of the European Bank for Reconstruction & Development. He is introduced by Henry Kaufman:
Claudio Borio, Deputy Head of Monetary and Economic Department of the Bank for International Settlements:
Garry Schinasi, Independent Advisor and Visiting Fellow at Bruegel:
Andrew Sheng, Chief Advisor of the China Banking Regulatory Commission:
Anat Admati, Professor of Finance and Economics at Stanford University:
MIT professor Simon Johnson:
The panelists take questions and discuss financial regulation:
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Claudio Borio is proposing financial engineering to counter the cyclical downturns or business busts. Apparently, the most sophisticated of sophisticates want to enforce the building up of reserves in time of plenty in a some sort of currency silo, to be drawn upon during times of crisis, such we are currently enduring. This decrepit proposal reaches even further back than the most outdated and irrelevant classical economics of the founding fathers
of capitalism. It comes from the Old Testament book of Genesis:41:30,
When the famine had spread over the whole country, Joseph opened the storehouses and sold grain to the Egyptians, for the famine was severe throughout Egypt.
Perhaps instead of leading and contemporary indicators of doom, the Pharoah’s dream, as surveyed by the McKinsey Group’s polling the 1400 or so billionaires in the world as to how much hell they will be raining down upon the nations of world in the form of the with holding of capital for reinvestment and for what duration, until they get whatever it is they are green mailing the public for, would be a practical guide to institute.
Are some words missing? Or am I just particularly daft today….?